Asta Funding Announces Closing of Expanded Credit Facility of $125 Million

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00039178-asta-funding-announces-closing-of-expande/

Asta Funding, Inc., a leading consumer receivables asset management and liquidation company, today announced that it has expanded the Company’s credit facility. As a result of a previously announced increased credit facility with an accordion feature, Asta’s credit facility is now $125 million, up from $100 million. The credit facility is underwritten by a consortium of banks.

Gary Stern, Chief Executive Officer, said, “We are pleased with the confidence our lenders have exhibited by increasing our credit facility from $60 million less than a year ago to $125 million. The increases, combined with our internal cash flow, have allowed us to purchase significant portfolios, including approximately $2.1 billion in face value in our first quarter and approximately $5.5 billion of face value over the past fifteen months.”